The Moderating Role of Decisiveness in the Attraction Effect

Barokas Guy () and Gamliel Eyal
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Barokas Guy: The Multidisciplinary Decision-Making Research Center, Ruppin Academic Center, Emek Hefer, Israel
Gamliel Eyal: Ruppin Academic Center, Emek Hefer, Israel

The B.E. Journal of Economic Analysis & Policy, 2023, vol. 23, issue 4, 1001-1016

Abstract: This study examines decisiveness as a potential moderator of the attraction effect. In an online experiment, we find that even though decisiveness moderates the attraction effect, it also moderates the preference reversal in the absence of a decoy. This suggests that the moderating role of decisiveness in the attraction effect lies, at least partially, in moderating choice reversals unrelated to the decoy. In addition, our findings show that about one-third of the most decisive participants exhibit an attraction effect. These findings are inconsistent with a conceptualization of a moderate attraction effect, arguing that only indecisive agents exhibit the effect. We discuss the theoretical and practical implications of our findings.

Keywords: attraction effect; asymmetrically dominated alternatives; choice decisiveness; bounded rationality (search for similar items in EconPapers)
JEL-codes: D11 D12 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1515/bejeap-2023-0104

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